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Nation Improves, California Flounders

California´s revenues continue to fall below expectations — despite signs the fiscal picture is brightening nationally.

In February, the state´s earnings fell 210-million dollars below projections. Year-to-date revenues are nearly one-billion dollars short.

Though California´s unemployment rate has dipped slightly and home sales increased in the first two months of the year, cash flow from personal income and sales taxes lagged.

Governor Gray Davis will revise his budget plan in May after the state receives its April revenue picture.